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São Carlos details 2017 São Paulo property deals

São Carlos Empreendimentos SA wrapped up the sale of the Centro Empresarial do Aço office asset São Paulo's Jabaquara district for 296 million Brazilian reais Oct. 26, 2017.

The sale is part of the Brazil-based real estate company's strategy of shedding mature properties to invest in new projects with inefficiencies and appreciation potential, according to an earnings release.

The buyer paid 101.9 million reais in 2017 for the property and has until June to pay the remaining 75.3 million reais. The asset consists of two class A office towers with a total gross leasable area of 33,636 square meters. São Carlos acquired the towers in February 2012 for 192 million reais.

On Dec. 29, 2017, the Avenues São Paulo education institution informed the company of its intention to exercise an option under its lease agreement to acquire the Morumbi Park in São Paulo, subject to certain conditions. São Carlos subsidiary Top Center Empreendimentos e Participações Ltda. agreed in November 2017 to sell a 37% stake in the building to FII Renda Corporativa for 74.3 million Brazilian reais. At the time of the agreement, the 22,200-square-meter asset, which is fully leased to Avenues, was undergoing a renovation.

As of March 7, US$1 was equivalent to 3.24 Brazilian reais.